How Much Are Wedding Rings, and How Much Should You Actually Spend?
You’ve been dating for years. You and your partner have traveled abroad, moved into the same apartment, and even spent the holidays with each other’s parents. You know it’s time to get down on one knee and put a ring on it, but have you thought about how much that ring could cost?
How Much Are Wedding Rings?
There’s no one-size-fits-all answer, but wedding rings, especially engagement rings, are more expensive than they should be. As we discussed before on our blog, the perceived value of diamond rings was fabricated by De Beers in their extremely successful “Diamonds Are Forever” campaign. The value of diamonds was entertainingly explored and debunked in the premiere episode of Adam Ruins Everything.
But maybe you’re not in the mood for a cheeky history lesson and want some quick numbers. No problem — here’s what you can expect to spend if you go for traditional wedding rings.
- According to The Knot, the average cost of an engagement ring is a staggering $5,700.
- The average cost for a woman’s engagement ring and wedding band is around $6,100, meaning most women’s wedding bands cost around $400.
- Similarly, the average cost for a man’s wedding band is around $470.
Seem like a lot of money? You’re absolutely correct. However, more young couples are bucking the trend of the expensive wedding and engagement ring double-whammy and choosing instead to invest money in paying off debts or saving for a home. Why, you ask?
Wedding Ring Cost is Related to the Success of Your Marriage
This may seem like a bold statement, so we brought receipts. As we’ve established, the high price of an engagement ring is manufactured by the diamond industry. That doesn’t mean grooms-to-be and partners popping the question don’t feel the pressure to come prepared with a showstopping diamond.
However, this high cost doesn’t translate to marital bliss. A recent study by Andrew Francis-Tan and Hugo M. Mialon used data collected from over 3,000 adults in the U.S. and found a correlation between ring price and the longevity of a marriage.
Specifically, the research showed that couples who spend between $500 and $2000 on wedding rings are 30% less likely to get divorced than couples that spend more than $2000. A diamond isn’t forever, especially if you spend a fortune.
How Much to Spend on a Wedding Ring: Less Is More
Why do people feel so much pressure to spend the oft-quoted two months’ salary on an engagement ring? “Wedding industry advertising has fueled the norm that spending large amounts on the engagement ring and wedding is an indication of commitment,” says Mialon in the study analysis. However, there is a cultural shift happening. De Beers’ diamond sales dropped 39% this year, a sobering reminder that supply is high, and demand is lowering.
Many couples are turning to non-traditional stones for engagement rings to save costs and craft a more meaningful memento. Popular gemstone alternatives include amethyst, white opal, pearl, sapphire, and moonstone.
Lower Costs and Flex Your Style With QALO Silicone Rings
If you want to reduce stress and enter into a marriage focused on commitment instead of Instagram-ready excess, you can save a thousand dollars or more on your wedding bands by opting for QALO silicone wedding rings.
Save money and showcase your unique personality with our variety of stylish designs. Our durable and dependable silicone rings will get you through any adventure. If you accidentally leave behind your QALO ring in the honeymoon suite, your wallet won’t take a hit. Just replace it with another one of our affordable and customizable wedding bands.
Display your enduring commitment to your significant other without getting bogged down in credit card debt by opting for one of the latest styles of our silicone wedding bands.